Buying A VA Foreclosure - FAQs
Buying a Foreclosure from the Veteran's Administration (VA) - FAQs
What is a "VA home"?
When someone with a VA insured mortgage can't meet the payments, the lender forecloses on the home; VA pays the lender what is owed and VA takes ownership of the home. Then VA sells it at market value as quickly as possible.
Who can buy a VA home?
VA homes are available to veterans and non-veterans; owner-occupants and investors.
Are VA homes meant for people with low income?
VA homes range in price, but most are affordable for low- and moderate-income Americans.
Is it true you can get a VA for significantly below fair market value?
VA generally sells homes at fair market value or close to fair market value - that means that the price is set based on the price of similar homes sold in the area.
If the VA needs repairs, will VA make them?
VA homes are sold "as-is," without warranty. That means that VA will not pay to correct any problems. But even if a VA home needs fixing up - and not all of them do - it can be a real bargain! For example, VA's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. And keep in mind that on most sales, the buyer can request VA to pay all or a portion of the financing and closing costs. Your real estate agent will have details. We encourage you to get the home professionally inspected before you make an offer so you will know what repairs you may have to make BEFORE you submit your bid. All professional inspections will be coordinated with the VA Property Management Broker (PMB) whose name and phone number are posted at the property.
How do I buy a VA home?
Start by finding a certified real estate agent. Your real estate agent can submit your bid for you, either by telephone or Internet. Normally, VA homes are listed in a "Competitive Bid Period". At the end of the Competitive Bid Period, all offers are opened and, basically, the highest bid is accepted. If the home isn't sold in the initial Competitive Bid Period, the property becomes "First Come" property where you can submit a bid any day after that. If your bid is acceptable to VA, your real estate agent must check by telephone or Internet for bid results, usually within 48 hours.
If my bid is accepted, then what happens?
You'll be given a settlement date, normally within 30-60 days, within which the transaction will occur. When you buy a VA home, the selling agent's commissions are usually paid by VA. VA will pay a sales commission of up to 6%.
How can I find out what VA or HUD homes are for sale?
To find a list of VA or HUD properties for sale, CLICK HERE or CLICK HERE.
How can I get a loan to buy a VA home?
Contact a VA approved lender, who will take you through the steps and actually make the loan. Financing can range from traditional VA loans to financing offered with minimum or no down payment.
Can I buy a VA home as an investment?
Yes, available properties are open to all buyers, including investors.
NCaHome is a full service residential real estate brokerage charging only 1.5% commission. Professional real estate services for California buyers and sellers. Visit us today at www.NCaHome.com or call (707) 693-0200.
What is a "VA home"?
When someone with a VA insured mortgage can't meet the payments, the lender forecloses on the home; VA pays the lender what is owed and VA takes ownership of the home. Then VA sells it at market value as quickly as possible.
Who can buy a VA home?
VA homes are available to veterans and non-veterans; owner-occupants and investors.
Are VA homes meant for people with low income?
VA homes range in price, but most are affordable for low- and moderate-income Americans.
Is it true you can get a VA for significantly below fair market value?
VA generally sells homes at fair market value or close to fair market value - that means that the price is set based on the price of similar homes sold in the area.
If the VA needs repairs, will VA make them?
VA homes are sold "as-is," without warranty. That means that VA will not pay to correct any problems. But even if a VA home needs fixing up - and not all of them do - it can be a real bargain! For example, VA's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. And keep in mind that on most sales, the buyer can request VA to pay all or a portion of the financing and closing costs. Your real estate agent will have details. We encourage you to get the home professionally inspected before you make an offer so you will know what repairs you may have to make BEFORE you submit your bid. All professional inspections will be coordinated with the VA Property Management Broker (PMB) whose name and phone number are posted at the property.
How do I buy a VA home?
Start by finding a certified real estate agent. Your real estate agent can submit your bid for you, either by telephone or Internet. Normally, VA homes are listed in a "Competitive Bid Period". At the end of the Competitive Bid Period, all offers are opened and, basically, the highest bid is accepted. If the home isn't sold in the initial Competitive Bid Period, the property becomes "First Come" property where you can submit a bid any day after that. If your bid is acceptable to VA, your real estate agent must check by telephone or Internet for bid results, usually within 48 hours.
If my bid is accepted, then what happens?
You'll be given a settlement date, normally within 30-60 days, within which the transaction will occur. When you buy a VA home, the selling agent's commissions are usually paid by VA. VA will pay a sales commission of up to 6%.
How can I find out what VA or HUD homes are for sale?
To find a list of VA or HUD properties for sale, CLICK HERE or CLICK HERE.
How can I get a loan to buy a VA home?
Contact a VA approved lender, who will take you through the steps and actually make the loan. Financing can range from traditional VA loans to financing offered with minimum or no down payment.
Can I buy a VA home as an investment?
Yes, available properties are open to all buyers, including investors.
NCaHome is a full service residential real estate brokerage charging only 1.5% commission. Professional real estate services for California buyers and sellers. Visit us today at www.NCaHome.com or call (707) 693-0200.Labels: Real Estate
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